Jump in hiring sends US stocks higher

NEW YORK (AP) – US stocks closed higher after a report showed that private companies are adding jobs at a much faster rate than had been expected.

Payroll processor ADP found that private companies added 297,000 jobs last month, nearly three times as many as analysts had forecast. The survey suggests that the Labor Department’s employment report on Friday will also be strong.

The better economic news pushed the dollar up and bond prices down Wednesday.

The Dow Jones industrial average rose 32.70 points, or 0.3 percent, to 11,723.88. The S&P 500 gained six, or 0.5 percent, to 1,277. The Nasdaq composite rose 21, or 0.8 percent, to 2,702.

Two shares rose for every one that fell on the New York Stock Exchange. Volume came to 1.1 billion shares.

Meanwhile, Asian stock markets were mixed in early trading Thursday, with Japanese shares benefiting from a weaker yen and overnight Wall Street gains.

The Nikkei 225 stock average rose 1.3 percent to 10,511.22. Exporters jumped after the dollar strengthened above the ¥83 line overnight, helped by a surprising jump in US hiring.

Benchmarks in Singapore and New Zealand also climbed, although gains were more modest.

Meanwhile, South Korea’s Kospi slipped 0.2 percent to 2,079.34, and Australia’s S&P/ASX 200 fell 0.2 percent to 4,705.90.

In New York Wednesday, the Dow Jones industrial average rose for the third straight session, adding 31.71 points, or 0.3 percent, to 11,722.8.

A survey from payroll processor ADP found that private companies in the US added 297,000 jobs last month, nearly triple the number that economists were expecting. The unexpectedly high jobs survey from ADP suggests that a Labor Department report later this week will also be strong.

The broader Standard & Poor’s 500 index rose 6.36, or 0.5 percent, to 1,276.56. The Nasdaq rose 20.95, or 0.8 percent, to 2,702.20.